Yesterday Comex Gold ended with loss $ 26 made a low
$ 1371. Last couple of hours witness of recovery from the bottam.
The Rumors of the U.S tax extension package not having enough
votes to pass helped to extend yesterday's negative settlement.
Also the continued concern that The Peoples Bank of Chinawill once again raise interest rates has traders on edge and
eager to take profits when the opportunity presents itself.
“Gold is dominated by short-term traders at the moment,” said
Frank Lesh at FuturePath Trading LLC in Chicago.
“Big players have taken a profit after record highs, and the dollar
has stabilized, so short-term traders will sell gold and commodities.”
The decline may be an opportunity to buy, said Dennis Gartman, an
economist and the editor of the Suffolk, Virginia- based Gartman Letter.
He recommends investors purchase gold priced in euros,
U.K. pounds and yen to hedge against relative dollar strength
on an uptrend, Nedoss said. In addition to ongoing
concerns about the U.S.’ fiscal health and the extent
of Europe’s sovereign-debt crisis, there are threats
of inflation worldwide, he added.
As I beleive Gold should take support near $ 1382 If this point
sustain Gold may run towards higher to high.
ALSO KEEP CLOSE EYE US JOBLESS CLAIM REPORT TODAY AT 7.00PM
MY COUNTS FOR 09/12 FOR FEB GOLD
RESISTANCE # 2........$1410.00(MCX Rs 20857)
RESISTANCE # 1........$1399.00(MCX Rs 20707)
PIVOT .......................$1387.00(MCX Rs 20537)
SUPPORT # 1..............$1370.00(MCX Rs 20383)
SUPPORT # 2..............$1361.00(MCX Rs 20217)
MY COUNTS FOR 09/12 FOR MARCH SILVER
RESISTANCE # 2.......$29.79(MCX Rs 45067)
RESISTANCE # 1.......$29.01(MCX Rs 44104)
PIVOT ........................$28.51(MCX Rs 43437)
SUPPORT # 1.............$27.72(MCX Rs 42474)
SUPPORT # 2.............$27.23(MCX Rs 41800)
RECOMMENDATION : BUY GOLD NEAR 20550-20575 STRICTLY SL 20475
RAHUL KUMAR
GOLD Analysist
Comments me : bestech30@gmail.com
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